EnerNOC's CEO Discusses Q4 2013 Results - Earnings Call Transcript

EnerNOC, Inc. (ENOC) Q4 2013 Earnings Conference Call February 13, 2014 5:00 PM ET

Operator

Welcome to the EnerNOC Fourth Quarter Results Conference Call. (Operator Instructions) I'd now like to turn the conference over to your host, Senior Director of Investor Relations, Mr. Brian Norris. Please go ahead.

Brian Norris

Thank you, Greg, and good afternoon, everyone, and welcome to the conference call. I'm joined here today by Tim Healy, our Chairman and CEO; David Brewster, our President; and Neil Moses, Chief Financial Officer.

The press release announcing our fourth quarter and full year results and management's business outlook, as well as a reconciliation of management's use of non-GAAP financial measures as compared to most applicable GAAP measures, is available on the Investor Relations section of our website at http://investor.enernoc.com. There you will also find a summary statement of operations, a summary balance sheet and a summary of key financial and operating statistics for the last eight quarters.

During this call, we will refer to non-GAAP financial measures, including non-GAAP earnings per share, free cash flow and adjusted EBITDA. These financial measures are non-GAAP financial measures that are not prepared in accordance with generally accepted accounting principles. The definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures is available in today's press release.

Today's call contains estimates and other statements that are forward looking under the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including but not limited to, management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, and other statement that are not historical fact. These forward-looking statements include, without limitations, statements relating to our future financial performance, the global market opportunity for our energy intelligence software services and products, our expansion in various international markets, and the future growth and success of our energy intelligence software services and products in general.

These statements are subject to risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements. Additional information concerning these factors is contained in our filings with the SEC, including our annual report on Form 10-K and quarterly report on Form 10-Q available at www.sec.gov. The forward-looking statements made today represent our views as of February 13, 2014. We disclaim any obligation to update them to reflect future events or circumstances.

A couple of calendar items before I turn the call over to Tim. We have an active IR schedule coming up, including the Raymond James Investor Conference in Florida, the UBS Investor Conference in Boston and the Pac Crest Tech Summit in San Francisco. For more information about any of these events or our EnergySMART Conference in Philadelphia, please feel free to contact me.

With that, I'd like to turn the call over to Tim.

Tim Healy - Chairman and CEO

Thank you, Brian, and good afternoon, everyone. We are proud to be reporting strongest year in the company's history. Our results position us well for continued growth in 2014 and beyond. We reported revenue of $383 million in 2013, which represents growth of 38% over 2012, and full year adjusted EBITDA of $71 million, which reflects growth of 287% over 2012. We continue to see dividends from the investment we've made on the international front. Our international revenue grew by 116% in 2013 and represent 19% of our full year revenues compared to less than 1% in 2010.

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